Parti Bumi Kenyalang (PBK) recognises the establishment of the Sarawak Sovereign Wealth Future Fund as an initiative intended to preserve wealth for future generations.  The objective is commendable.

However, Sarawakians should understand that a sovereign wealth fund is not a guaranteed money-making machine. It is an investment fund exposed to the uncertainties of global financial markets.

Even Norway's Government Pension Fund Global—the world's largest and one of the best-managed sovereign wealth funds—recorded a loss of approximately NOK1.68 trillion (US$174 billion) during the first half of 2022, with a negative return of 14.4%, following the sharp global market downturn. This was due to market conditions rather than mismanagement - see Reuters August 17, 2022

 The lesson is simple.

 If even the world's best-managed sovereign wealth fund can suffer substantial losses, Sarawak must proceed with caution.

 A sovereign wealth fund should never become a political trophy or a symbol of prestige.

 It must be managed professionally, independently and transparently, with strict accountability to the people.

 PBK is also concerned about timin While setting aside money for future generations is important, many Sarawakians today still struggle with inadequate roads, clean water, healthcare facilities, schools and economic opportunities.

 The Government must ensure that saving for tomorrow does not come at the expense of solving today's problems.

 Future generations matter.

 But so do the present generation.

 PBK therefore calls for full transparency in the management of the Fund, regular public reporting, independent audits and effective oversight by the Dewan Undangan Negeri.

 The people deserve to know how their wealth is invested, what risks are being taken, and whether the Fund is achieving its objectives.

 Sarawak's wealth belongs to the people.

 It must be protected with wisdom, prudence and integrity—not optimism alone.

VOON LEE SHAN
President
Parti Bumi Kenyalang (PBK)